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This paper aims to examine the hedge, diversifier and safe haven properties of the global listed infrastructure sector and subsector indices against two traditional asset classes, stocks and bonds, and four alternative asset classes, including commodities, real estate, private equity and hedge funds during extreme negative stock market movements.

Using dynamic conditional correlation and quantile regression, the authors analyze a data set of 12 indices comprising listed infrastructure and traditional asset classes from 2010 to 2019.

Overall, the findings indicate that listed infrastructure acts as an effective diversifier but not as a strong safe haven or hedge when considered in a multiasset context. With minor exceptions, listed infrastructure cannot be concluded as a safe haven against other asset classes under investigation.

The present study has implications for institutional investors looking to incorporate infrastructure in their multiasset portfolios for increased portfolio diversification benefits.

Despite the increased influence of infrastructure as an asset class, to the best of the authors’ knowledge, this is the first study to investigate the hedge, safe haven and diversifying properties of infrastructure in a multi-asset context.

This study attempts to assess the role that institutional quality (IQ) plays in influencing inflows and outflows of Foreign Direct Investment (FDI) for BRICS nations as burgeoning FDI is flowing into and out of these countries. Moreover, this paper explores the impact of individual governance indicators separately on the FDI flows.

The study analyses this nexus for these emerging economies for the period 1996–2019 using autoregressive distributed lag technique.

The study indicates a significant and positive coefficient for IQ in India and South Africa, suggesting that improving IQ would enhance the IFDI. However, for outward FDI (OFDI)–IQ linkage, the results show a negatively significant impact of IQ on OFDI for Brazil and Russia. Additionally, the authors observe control of corruption as a significant institutional component for attracting inward FDI for Brazil, India and South Africa, whereas it is an insignificant factor for Russia and China. Further, the authors notably find that upgrading the governance indicators will decrease the level of OFDI for Brazil, Russia, China and South Africa. On the contrary, findings suggest that improving the IQ will foster the OFDI for India.

This study uses time-series analysis instead of cross-country analysis (used extensively in literature), avoiding heterogeneity. Further, this study explores the IFDI–IQ link for BRICS nations, which are captivating a significant chunk of IFDI, and still not given much attention in the extant literature. Moreover, the authors identify the impact of IQ on the OFDI, neglected by the existing studies.

The purpose of the study is to examine the moderating impact of absorptive capacity on the foreign direct investment (FDI)–growth link using the data for the period 1995–2019.

The authors apply the autoregressive distributed lag (ARDL) model and threshold analysis for empirical analysis.

The findings indicate that the link between FDI and economic growth is influenced indirectly by absorptive capacities, such as financial development, institutional quality, technological capability, and trade openness. However, while examining the linear FDI–growth nexus, the authors noticed that human capital and infrastructure did not affect the relationship; when the non-linearity in the link is considered, the authors noted that all absorptive capacities (including human capital and infrastructure), when interacted with FDI, have a positive effect on growth. Furthermore, FDI stimulates growth if the absorptive capacities have exceeded a certain threshold level.

From a practical standpoint, it is reasonable to conclude that improving absorptive capacities is critical in order to perceive FDI as a growth driver.

India has been able to position itself as a preferred destination for FDI (when the major economies are facing a sharp decline in FDI inflows) despite the Covid-19 pandemic. However, it still suffers from low growth. Although much of the literature admits that absorptive capacity is crucial for FDI to promote growth, no study in the case of India examines FDI–growth nexus conditioned upon absorptive capacity. Moreover, the authors have used threshold analysis for assessing the non-linearities in FDI–growth nexus contingent on absorptive capacity.

Free and open-source software (FOSS) has been used worldwide because of the advantages of user control, cost-saving, flexibility, openness, freedom, more security and better stability. The purpose of this study is to explore the status quo of educational application of FOSS and the trends from international perspectives and its implications for higher education in Hong Kong.

The method of cluster analysis was used in this study. The Web of Science database was used as the data source and all relevant literature for the year 2010–2020 on the theme of “FOSS” was collected for analysis. The information visualization software CiteSpace was used for citation visualization analysis, revealing the research results of FOSS worldwide, including hot spots and development trends.

This paper found that FOSS has become an important research area and is playing an important role in the reform and development of education. Meanwhile, the development and application of FOSS have regional imbalances and strong differentiation, including the educational sector. The paper also found that although FOSS has entered the stage of interdisciplinary development, the research and development of FOSS in the field of education is insufficient, which poses a huge challenge to decision-makers, teachers and students.

Implications for higher education in Hong Kong including: attach importance to and vigorously promote FOSS research and practice to benefit more teachers and students; teachers and students need to be trained for acquiring the awareness and skills of FOSS applications and formulate different strategies; the government should provide greater support to formulate and implement a short and middle-term development plan to facilitate the application of FOSS; and Hong Kong higher education institutions may strengthen exchanges and cooperation with counterparts around the world to jointly promote the development of FOSS. It is hoped that the findings will provide a reference for the study and application of FOSS in higher education in Hong Kong.

The purpose of the study was to produce a healthier, convenient and traditional ready-to-eat (RTE) snack option with increased nutritional value, using spent hen meat, dietary fibre (DF) and simple technological methods. The product was designed to be stable without refrigeration and be easily adoptable by local self-help groups, rural women and youth and entrepreneurs in urban and semi-urban areas.

Conventional binder used for making snacks, i.e. rice flour was partially replaced by different sources of antioxidant DFs, i.e. oat flour (T₁ – 10%), finger millet flour (T₂ – 5%) and amaranth flour (T₃ –15%) to prepare spent hen snack sticks (SHSS). The snacks were then packaged in low density polyethylene (LDPE) pouches and evaluated for their storage stability at ambient temperature for a period of 35 days. Their physico-chemical, sensory and microbiological quality was evaluated at a regular interval of 7 days. The proximate composition of developed SHSS was compared to commercially available snack products (chakli/murukku – snacks without meat).

The fibre-enriched SHSS showed significant improvement in nutritive value, as they contained more fibre (p = 0.001) and protein (p = 0.029) than control SHSS. When compared to commercially available snack product SHSS showed three-fold significant increase in protein (p = 0.000) and ash content (p = 0.001) and only 11%–12% total fat as compared to 31% fat in the market-available product. The most acceptable treatment in terms of overall sensory quality and nutritional aspects was T₃; however, T₂ was more shelf-stable during the storage period. The study showed that fibre-enriched snacks can be stored at ambient temperature for up to 35 days without substantial loss in physico-chemical, sensory and microbial quality. Hence, substituting rice flour with DFs can lead to the development of products with better sensory attributes and improved functionality.

The simplicity of the product in terms of composition, machinery and low production costs makes it an easily adoptable one by small-scale entrepreneurs, especially those belonging to semi-urban areas.

Incorporation of spent hen meat, a relatively cheap but abundant source of protein, in RTE products can serve as an effective way to alleviate protein malnutrition, whereas addition of fibre further improves the functionality of the product. The methodology can be easily taken up by small-scale entrepreneurs and create a market for snack-based functional meat products.

Leaders today are continuously seeking models to navigate through the challenges posed by the pandemic times, so as to help the organizations flourish in the volatile business environment. This paper attempts to explore the alignment of insights drawn from the ancient Indian scripture, the Bhagavad Gita, with today’s leadership requirements, towards the betterment of both the leaders and organizations.

A qualitative approach with thematic analysis is used to identify leadership qualities pertinent in difficult times through interviews with 15 employees at leadership positions. It establishes the alignment of the qualities with the sapient advice from the Holy Scripture, maneuvered by today’s leaders to become more purposeful and impactful.

The discernments from the Bhagavad Gita holistically entwine the emotional, intellectual and spiritual aspects of resilient leaders and provide guidance on the leaders’ attitude towards work, behaviour and self management, to help steer through the challenging environment. With turbulent changes during the COVID-19 pandemic, conventional leadership skills would be outmoded, and hence the leaders need to strengthen the critical shifts in their own established sets of attitudes as well as that of their workforce.

Under the changing work environment, while the new leadership narrative of the world beyond takes shape, this study delves both into ancient Indian wisdom and current opinion to identify a template of workable practices that would differentiate extraordinary leaders from the rest.

Sustainable consumption and production (SCP) assist managers to improve their operational efficiency while aiming at reducing the generation of waste. The purpose of this paper is to construct a structural model of the SCP practices in a supply chain context.

The work is based on the experience of supply chain professionals, a case study and literature review related to SCP. The present work recommends an assessment framework by prioritizing the SCP oriented practices using best-worst method.

The current work is an effort to understand the significance of SCP practices and to reveal their level of influence in developing a sustainable culture in value chains. Data for this work are derived from an automotive company operating in India. Findings reveal that the “resource efficiency” acquires the highest rank and “sharing assets” acquires the last lank among all SCP practices.

It is difficult to finalize the SCP practices. This work uses the expert’s approach for this. In this way, the process needs to be conducted very carefully.

This research can assist automotive managers and practitioners in efficiently utilizing their companies’ resources, which would result in superior business effectiveness by generating higher employment opportunities in value chains.

Efforts have been made to contribute in the identification and analysis of SCP oriented practices. The developed structural model will help in understanding the ranking of practices.

This paper aims to assess the impact of incorporating foxnut powder (FP) into bakery products to evaluate their effect on product quality and nutritional characteristics.

Samples of refined flour (control) and refined wheat flour with varying levels of FP were prepared for each bakery item. Sensory evaluations using a nine-point hedonic scale were conducted. Different concentrations of FP (20% for cakes, 12.5% for bread and 12.5% for doughnuts) were tested to achieve sensory acceptability.

The addition of FP at specified concentrations achieved sensory acceptability in the tested bakery items, significantly impacting overall acceptability. Incorporating FP led to textural attribute alterations, including increased hardness, gumminess and chewiness, alongside reduced cohesiveness and elasticity. Color properties were influenced, affecting lightness, redness and yellowness of the bakery items. Proximate composition analysis highlighted shifts in moisture, protein, fiber, fat and ash content between control and accepted samples. Mineral content analysis revealed notable differences in calcium, potassium, iron, magnesium and sodium between control and accepted samples.

These findings demonstrate the potential of FP to enhance bakery products, offering promising industrial applications in producing nutritionally enriched and visually appealing baked products.

The objective of writing this case study is to allow management students to engage with the complexities of mergers and acquisitions (M&As) in the insurance sector in an emerging economy like India. Upon completion of this case study, the students will be able to critically evaluate the business environment of the insurance sector of a developing economy like India, analyse the impact of M&As on the insurance industry of India, appraise the post-merger consequences and strategies to deal with these consequences, assess the applicability of market power and growth theories in the context of M&As and develop a strategic action plan for handling post-merger challenges.

On 3 September 2021, the Insurance Regulatory and Development Authority of India (IRDAI) approved the “Scheme” related to the merger of the non-life insurance division of Bharti AXA General Insurance Company Limited (“Bharti AXA”) with ICICI Lombard General Insurance Company Limited (“ICICI Lombard”). Earlier, on 21 August 2020, the boards of the companies had approved entering into definitive agreements through a scheme of arrangement. The merger received approvals from different regulatory bodies as mandated (Gandhi et al., 2023). Bhargav Dasgupta, managing director and Chief Executive Officer of ICICI Lombard, stated, “This is a landmark step in the journey of ICICI Lombard, and we are confident that this transaction would be value accretive for our shareholders” (FE Bureau, 2020). However, the merger posed a dilemma for Dasgupta and the management regarding crop insurance owing to its impact on profitability. Crop insurance historically had high claim ratios nearing 135% for ICICI Lombard for financial year 2018. The company ceased to underwrite this product from 2019 onwards (TNN, 2019). However, ICICI Lombard had to fulfil the three-year commitment made by Bharti AXA to the state governments of Maharashtra and Karnataka towards crop insurance. It was a scheme initiated by the Government of India, covering farmers against losses due to cyclonic rains, rainfall deficits and other unforeseen calamities. Dasgupta faced a challenge in managing the interests of the farmers and the company’s shareholders while balancing profitability, which had already been impacted by the COVID-19 pandemic. This case study delves into post-merger complexities in the financial sector non-life insurance industry in emerging countries like India.

This case study is suitable for undergraduate and post-graduate management students and executives from the insurance industry.

Teaching notes are available for educators only.

CSS 11: Strategy.